Arnold Bloch Leibler acted for the owners of CatchoftheDay and Scoopon in the $80 million sale of a minority stake to a group of investors including James Packer’s Consolidated Press Holdings and Andrew Bassat, co-founder and CEO of SEEK and New York hedge fund Tiger Global Management.
The move is said to highlight the resurgence in tech investments sweeping the globe, underlined by the recent float of LinkedIn last week.
The transaction is the largest growth capital investment in the Australian e-commerce sector to date, valuing the group at $200 million.
Launched in 2006, CatchoftheDay is now Australia’s number one on-line retail group. Their daily deals sites are based on offering highly discounted daily deals to customers, being product deals on the CatchoftheDay site and services deals on the Scoopon site.
CatchoftheDay founders, Gabby and Hezi Leibovich, will retain a controlling stake in the group, with Lee Fixel from Tiger Global and Jason Lenga from SEEK joining the CatchoftheDay board.
The matter was conducted by Arnold Bloch Leibler partner, Steven Klein, and lawyers, Jeremy Lanzer and Jason van Grieken.
Steven Klein said: “the success of the CatchoftheDay group is a testament to the innovation and business execution of both Gabby and Hezi”.
Jeremy Lanzer commented: “the Leibovich brothers have built a very impressive business in such a short period of time, and it was a pleasure to act for them in this important milestone for the CatchoftheDay group”.